Commodities face mixed week amid economic gloom

Commodity markets enjoyed mixed fortunes this week as traders balanced gloomy eurozone economic news, alongside contrasting jobs data and "fiscal cliff" fears in the United States.

Many markets fell heavily along with the euro on Thursday after the European Central Bank forecast that the recession-mired eurozone economy would continue to contract next year and only return to growth in 2014.

Sentiment was also rocked by news that the 17-nation eurozone tipped into recession in the third quarter or three months to September, with the economy shrinking 0.1 percent from the second quarter, when it contracted 0.2 percent.

OIL: Brent prices dived to one-month lows this week on the back of eurozone gloom and the strong greenback, which makes dollar-priced commodities more expensive for buyers using weaker currencies and tends to hit demand.

"Crude oil markets eased this week, weighed by weakening macro-economic sentiment," said Barclays analyst Suki Cooper.

The European Central Bank forecast that the euro area economy will shrink by 0.5 percent in 2012 and another 0.3 percent in 2013, instead of growing by 0.5 percent next year as previously estimated.

The bank also opted not to cut its benchmark interest rate but chief Mario Draghi left the door open for a rate cut in the future.

Germany's Bundesbank meanwhile warned that the eurozone powerhouse nation could sink into recession early next year, but was well placed to rebound strongly.

Prices took another blow from news of shrinking US manufacturing activity and downbeat jobs data from payrolls firm ADP.

However, crude futures won a very brief boost on Friday after better-than-expected non-farm payrolls data in the United States, which is a top consumer of many raw materials.

The US unemployment rate fell in November to a near four-year low at 7.7 percent, which was the lowest point since December 2008, while the US economy added a better-than-expected 146,000 jobs in November.

Market expectations had been for the jobless rate to rise to 8.0 percent with 90,000 net jobs created.

Meanwhile, the lack of a breakthrough over the fiscal cliff in Washington has kept a cloud hanging over markets.

Congress and the White House have until the end of the month to come up with new legislation to avert the harsh spending cuts and tax hikes programmed for January under the fiscal cliff package.

"Political deadlock in Washington may start to spook the market as we get closer to the fiscal cliff that the US will hit unless a deal between Republicans and Democrats is reached soon," warned Forex.com research director Kathleen Brooks.

Next week, attention will switch to Vienna, where the 12-nation Organization of Petroleum Exporting Countries (OPEC) will decide the cartel's oil production ceiling.

By Friday on the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for delivery in January sank to $86.27 a barrel from $87.85 a week earlier.

On London's Intercontinental Exchange, Brent North Sea crude for January fell to $106.93 a barrel from $110.53.

PRECIOUS METALS: Gold prices hit a one-month low at $1,684.77 but clawed back some losses on speculation over European action to boost growth, traders said.

"Gold has bounced from its lows as the market prices in the likelihood of short term liquidity measures in Europe following weak GDP data, and (pushed) the precious metal higher," said CMC Markets analyst Michael Hewson.

By late Friday on the London Bullion Market, gold fell to $1,701.50 an ounce from $1,726 a week earlier.

Silver slid to $32.85 an ounce from $34.28.

On the London Platinum and Palladium Market, platinum gained to $1,600 an ounce from $1,612.

Palladium climbed to $698 an ounce from $685.

BASE METALS: Base or industrial metals mainly fell on the stronger dollar and poor economic news.

"Metals finished slightly weaker mostly on currency influences; the euro dropped after the ECB downgraded its growth outlook for the region's economy, saying that it now expects growth to likely shrink next year as well before moving into positive territory in 2014," noted INTL FCStone analyst Edward Meir.

By late Friday on the London Metal Exchange, copper for delivery in three months rose to $8,035 a tonne from $7,933 a week earlier.

Three-month aluminium was unchanged at $2,080 per tonne.

Three-month lead slid to $2,199 a tonne from $2,239.

Three-month tin decreased to $21,600 a tonne from $21,790.

Three-month nickel sank to $17,113 a tonne from $17,200.

Three-month zinc fell to $2,019 a tonne from $2,048.

COCOA: Prices retreated on profit-taking as traders eyed the prospect of rising supplies in West Africa.

"Profit-taking following a recent rally was also an undermining price influence," said trading magazine Public Ledger.

"Pressure from the advancing harvest in West Africa, as most operations are now underway, also added to the bearish price sentiment."

By Friday on LIFFE, London's futures exchange, cocoa for delivery in March dropped to £1,551 a tonne from £1,567 a week earlier.

On New York's NYBOT-ICE exchange, cocoa for March dipped to $2,424 a tonne from $2,457 a week earlier.

COFFEE: Arabica-quality coffee beans struck a 2.5-year low at 146.35 cents a pound, weighed down by a large harvest in Brazil.

"Once again, a record Brazilian crop is weighing over the complex," said analyst Edward Meir at brokerage INTL FCStone.

By Friday on NYBOT-ICE, Arabica for delivery in March slid to 150 US cents a pound from 155.95 a week earlier.

On LIFFE, Robusta for January tumbled to $1,893 a tonne from $1,927 a week earlier.

SUGAR: Prices rebounded slightly from recent losses.

By Friday on LIFFE, the price of a tonne of white sugar for delivery in March rose to $516 from $512.60 a week earlier.

On NYBOT-ICE, the price of unrefined sugar for March increased to 19.31 US cents a pound from 19.23 cents the previous week.

GRAINS AND SOYA: Maize and wheat prices fell, while soya eked out slender gains.

By Friday on the Chicago Board of Trade, maize for delivery in March dipped to $7.36 a bushel from $7.52 a week earlier.

January-dated soyabean meal -- used in animal feed -- increased to $14.83 a bushel from $14.38.

Wheat for December eased to $8.56 a bushel from $8.63.

RUBBER: Prices climbed with the Malaysian ringgit weakening against the US dollar, attracting overseas buyers, while positive Chinese economic data also boosted confidence.

The Malaysian Rubber Board's benchmark SMR20 ended the week at 283.15 US cents a kilo, up from 279.50 cents the previous week.

burs-rfj/wai

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Iraq willing to play active role in propping up oil prices - minister
    Iraq willing to play active role in propping up oil prices - minister Reuters - 3 minutes 22 seconds ago

    Iraq is willing to play an active role within OPEC to support oil prices, its oil minister Jabar Ali al-Luaibi said on Saturday, without clarifying whether it was prepared to back a possible agreement to freeze output. "Iraq is seeking to play an … More »

  • Exlusive - Iraq plans to sell oil through Iran if talks with Kurds fail
    Exlusive - Iraq plans to sell oil through Iran if talks with Kurds fail Reuters - 7 minutes ago

    Iraq's government would consider selling crude through Iran should talks with the autonomous Kurdish region on an oil revenue-sharing agreement fail, a senior oil ministry official in Baghdad told Reuters. Iraq's State Oil Marketing Organisation … More »

  • When death comes to stay: one Italian village's story
    When death comes to stay: one Italian village's story AFP News - 37 minutes ago

    Nowhere was hit harder by the earthquake that brought death and devastation to a remote corner of central Italy this week than Saletta. Fewer than 20 people are permanent residents of the picturesque hamlet. On Wednesday, with the population … More »

  • Stronger Case for Fed Rate Rise Increases Volatility in Asia Bloomberg - 1 hour 15 minutes ago

    The Fed next meets Sept. 20-21 just hours after the Bank of Japan announces the results of its comprehensive review and decides policy, with Bank of Japan Governor Haruhiko Kuroda saying the review wouldn’t lead to a shrinking of policy. "A rate … More »

  • Japan's Abe pledges $30 billion for Africa over next three years Reuters - 1 hour 17 minutes ago

    Japan's Prime Minister Shinzo Abe told African leaders on Saturday that his country will commit $30 billion in public and private support for infrastructure development on the continent. Resource-poor Japan has long been interested in tapping … More »

  • Japan’s Abe Dangles $30 Billion at African Leaders in Nairobi Bloomberg - 1 hour 57 minutes ago

    The Asian economy’s future investment in the continent of 1.2 billion people shows it has “faith in Africa’s future,” Abe told African leaders gathered in Kenya’s capital, Nairobi, for the sixth Tokyo International International Conference on … More »

  • Japan PM pledges to invest $30 bn in Africa by 2018
    Japan PM pledges to invest $30 bn in Africa by 2018 AFP News - 3 hours ago

    Japan will pour $30 billion (27 billion euros) in investment into Africa by 2018, including $10 billion in infrastructure development, Prime Minister Shinzo Abe said on Saturday at a summit in Nairobi. "When combined with the investment from the … More »

  • US, Russia move closer to new Syria ceasefire after talks
    US, Russia move closer to new Syria ceasefire after talks AFP News - 3 hours ago

    Washington and Moscow have made key steps towards agreeing a new ceasefire in Syria, but a final deal has not been reached, US Secretary of State John Kerry and his Russian counterpart said after talks Friday. Kerry and Russian Foreign Minister … More »

  • VTTI says it resumes operations at Malaysia terminal Reuters - 6 hours ago

    SINGAPORE, Aug 27 (Reuters) - VTTI, the storage unit of world's largest oil trader Vitol, said late on Friday it has resumed operations at its Malaysia terminal ATT Tanjung Bin (ATB). "The suspension ... … More »

  • Most Read on Bloomberg: Good-But-Busted ETFs, Drifting Stocks Bloomberg - 7 hours ago

    (Bloomberg) -- The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Aug. 27. … More »

  • China July industrial profits rise, buoyed by increased sales, falling costs Reuters - 9 hours ago

    Profits earned by China's industrial firms grew at their fastest pace in four months in July, aided by a pick-up in sales and reduced costs, the statistics bureau said on Saturday. Profits in July rose 11.0 percent to 523.01 billion yuan, the … More »

  • 4 Lessons I Learned After Marrying My Foreigner Wife DollarsAndSense.sg - 9 hours ago

    Discuss your past. Discuss your future. The post 4 Lessons I Learned After Marrying My Foreigner Wife appeared first on DollarsAndSense.sg. … More »

  • Business Highlights Associated Press - 12 hours ago

    ___ Yellen suggests rate hike is coming but offers no timetable Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rates has strengthened in light of a solid job market and ... … More »

  • California governor signs bill banning coal-export funding Associated Press - 12 hours ago

    California Gov. Jerry Brown signed legislation Friday banning state transportation funding for new coal export terminals. The bill represents a victory for environmentalists as they campaign aggressively ... … More »

  • Stada shareholder AOC pushes through board reshuffle
    Stada shareholder AOC pushes through board reshuffle Reuters - 12 hours ago

    Stada (STAGn.DE) shareholder Active Ownership Capital (AOC) succeeded in convincing stock owners of the German drugmaker to vote off its supervisory board chairman in a voting marathon, but the activist investor fell short of its goal of replacing … More »

  • Dollar rises following Yellen remarks on rate hikes AFP - 13 hours ago

    The dollar rose Friday against the euro, the yen and the British pound following remarks from the US central bank favoring a near-term increase in interest rates. In a much-anticipated address, US Federal ... … More »

  • Global markets drift after Yellen speech
    Global markets drift after Yellen speech AFP News - 14 hours ago

    European and US equities markets were split on Friday after US Fed chief Janet Yellen suggested interest rates could rise in the near-term. In words carefully parsed by market watchers, Yellen said recent months had seen conditions in the US … More »

  • How the Dow Jones industrial average fared on Friday Associated Press - 14 hours ago

    Stocks ended on a weak note Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. Phone ... … More »

  • Stocks end mostly lower after Yellen speech
    Stocks end mostly lower after Yellen speech Associated Press - 14 hours ago

    Stocks ended mostly lower on Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. ... … More »

  • UN ready to help Colombia peace deal
    UN ready to help Colombia peace deal AFP News - 14 hours ago

    The UN Security Council on Friday warmly welcomed the historic peace deal reached between Colombia's government and FARC rebels, and pledged to help ensure the agreement takes hold. The council met behind closed doors two days after the Bogota … More »

  • Kerry, Lavrov hold marathon Syria talks
    Kerry, Lavrov hold marathon Syria talks AFP News - 15 hours ago

    US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov held marathon talks in Geneva on Friday for an expected push towards resuming peace talks for war-ravaged Syria. Asked during a break how the meeting was proceeding, Lavrov … More »

  • US stocks mixed after Yellen says picture firming for rate hike AFP - 15 hours ago

    US stocks were mixed on Friday after Federal Reserve Chair Janet Yellen said the case for a rate hike is strengthening, raising expectations of a move by year-end. Trade was fairly quiet as Yellen also ... … More »

  • Markets Right Now: Stocks end mostly lower on Wall Street Associated Press - 15 hours ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks ended mostly lower on Wall Street, giving up a modest gain from earlier in the day after Fed Chair Janet Yellen ... … More »

  • Morales sees 'conspiracy' in Bolivia minister's murder
    Morales sees 'conspiracy' in Bolivia minister's murder AFP News - 15 hours ago

    Bolivian President Evo Morales said Friday that his government is the victim of a "political conspiracy" after protesting miners allegedly kidnapped and beat to death a minister who tried to negotiate with them. Defense Minister Reymi Ferreira … More »

  • New law makes insurance companies find, pay beneficiaries Associated Press - 15 hours ago

    Insurance companies will be required to locate beneficiaries of unclaimed life insurance policies in Illinois and pay them money they're owed under legislation that Gov. Bruce Rauner signed into law on ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129+0.001+0.78%
    N21.SI
    1.855-0.040-2.11%
    MC0.SI
    2.84+0.02+0.71%
    C52.SI
    4.22-0.05-1.17%
    Z74.SI
    0.58-0.01-1.69%
    5TP.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.08+38.10%
    5VI.SI
    0.36+0.07+22.03%
    BPF.SI
    0.192+0.030+18.52%
    AYD.SI
    0.27+0.04+17.39%
    BLU.SI
    0.40+0.05+14.29%
    BFK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.055-21.15%
    BTJ.SI
    0.34-0.06-15.00%
    BCD.SI
    0.39-0.06-13.33%
    AYB.SI
    0.31-0.04-11.43%
    5VP.SI
    0.24-0.02-9.43%
    BAZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3582+0.0051+0.38%
    USDSGD=X
    1.5196-0.0071-0.47%
    EURSGD=X
    1.7809-0.0034-0.19%
    GBPSGD=X
    74.6820+0.437+0.59%
    SGDJPY=X
    5.7047-0.0235-0.41%
    SGDHKD=X
    2.9663+0.0023+0.08%
    SGDMYR=X
    9,748.1885-70.3965-0.72%
    SGDIDR=X
    4.9062-0.0141-0.29%
    SGDCNY=X
    1.0263-0.0043-0.42%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,324.00-0.60-0.05%
    GCZ16.CMX
    18.63+0.14+0.76%
    SIU16.CMX
    95.80-0.72-0.74%
    ^XAU
    2.080.00+0.10%
    HGU16.CMX
    47.29-0.04-0.08%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24+0.08
    ^FVX
    1.63+0.06
    ^TNX
    2.30+0.03
    ^TYX